In the last month of 2021, the newly approved listing area of commercial housing in Beijing was 698100 square meters, a month on month decrease of 18%; 5664 commercial residential online signs, a month on month decrease of 28.38%; The online signing area was 730300 square meters, a month on month decrease of 18.92%.
Although the real estate market has declined significantly since the second half of last year, the performance of Beijing’s real estate market is still strong throughout the year. According to the statistics of Kere database, in 2021, the turnover of new commercial housing (including ordinary housing and villas, excluding jointly owned houses) in Beijing reached 426.5 billion yuan, setting a new record for the turnover of new commercial housing market in Beijing in the year; A total of 63200 new commercial houses were sold throughout the year, the highest trading volume since 2014.
Under the downward trend of the industry, what is the sales performance of real estate enterprises in Beijing in 2021? Under the new policy of centralized land supply, what changes have taken place in the land acquisition strategy of real estate enterprises? In 2022, what will real estate enterprises do in the Beijing market?
The sales of 15 real estate enterprises exceeded 20 billion yuan
In 2021, Beijing’s housing market will rise first and then decline. At the beginning of March and April, the market will go out of the little spring market; In May, affected by the popularity of the first batch of centralized local auctions, there were projects of 70000 yuan + outside the Fifth Ring Road and 60000 yuan + outside the Sixth Ring Road, setting off the value of limited competition houses and ushering in a wave of rapid transactions; In June, 7777 new commercial houses were sold in Beijing, reaching a high point in the year.
In the second half of the year, under the influence of multiple regulatory policies, Beijing’s housing market changed from rise to fall, showing a downward trend. The capital pressure of the industry continues to increase, and the superimposed financing is tightened. “All major real estate enterprises are facing many problems”.
However, overall, the performance of Beijing’s property market in 2021 exceeded expectations. According to the statistics of Kerui database, in 2021, the turnover of new commercial houses (including ordinary houses and villas, excluding jointly owned houses) in Beijing reached 426.5 billion yuan, “setting a new record for the turnover of new commercial housing market in Beijing in the year”; A total of 63200 new commercial houses were sold throughout the year, “the highest trading volume since 2014”
top 20 equity sales of Beijing real estate enterprises in 2021
data source: Kerui
From the performance of real estate enterprises, the equity sales of top 30 real estate enterprises in Beijing totaled 333.877 billion yuan in 2021, with the sales of 5 real estate enterprises exceeding 20 billion yuan and 6 real estate enterprises exceeding 10 billion yuan. CNOOC and shoukai still ranked first, ranking the top two with equity sales of 35.781 billion yuan and 29.585 billion yuan respectively.
In the ranking list of full caliber sales amount, it topped the list with 72.635 billion yuan for the first time. The full caliber sales of 15 real estate enterprises exceeded 20 billion yuan, and the sales of 10 real estate enterprises exceeded 10 billion yuan
top 20 full caliber sales of Beijing real estate enterprises in 2021
data source: Kerui
Specifically, in 2021, CNOOC real estate performed prominently in the Beijing market, ranking first in both equity and flow list and third in the full caliber list. Its developed projects such as Zhonghai huantianyi, Zhonghai shoukai shiguangli, Zhonghai Beijing No. 3 Institute, Zhonghai a No. 3 Institute have contributed major value.
Let’s look at the first opening of cooperative development, which won the championship in the ranking of full caliber sales amount. Its performance mainly comes from several red plates: such as zhonghaidian Xingfu Li (12.8 billion yuan +) and Orson one (10.6 billion yuan +); In addition, Huayue international, Zhonghai shoukai shiguangli, xiyuechen, park zone 17 and other projects have also achieved good sales performance.
Vanke, which ranked third with a flow sales of 22.295 billion yuan, developed steadily in the Beijing market in 2021. Through the strategy of joint development projects, Vanke effectively reduced risks and capital pressure. In 2021, city light · Dongwang, Vanke feicui shanxiao and Vanke Yunlu are its main performance contribution projects. It is worth mentioning that after its strategic transformation into an urban supporting service provider, Vanke also increased the development of business centers, built a full residential service chain including large supermarkets, catering, clubs, culture and entertainment and other comprehensive supporting facilities in Fangshan Changyang, Tongzhou Taihu, Daxing, Changping and other regions, and continuously expanded its business territory.
On the full caliber list, China Resources Land ranked fifth with RMB 31.646 billion. In 2021, its Haidian Xingfu Lane won the top sales in Beijing with sales of 12.885 billion yuan, and the sales of Yizhuang Oak Bay, Chang’an Jiuli and other projects were also good.
According to Kerui’s analysis, from the current competition pattern of Beijing’s real estate market, the head enterprises such as CNOOC and shoukai have formed obvious advantages in project scale and resource precipitation. While large-scale central enterprises and state-owned enterprises continue to expand, private enterprises and regional urban investment companies are also exploring their own business development methods. Powerful developers are still adding positions. In the downward cycle of the industry, this trend also represents the confidence of the capital market in the Beijing property market.
The trend of joint land acquisition by real estate enterprises has increased
In 2021, 57 residential lands were sold in three batches of centralized land supply in Beijing, with a total transfer amount of 189.994 billion yuan, an increase of 9.35% over 2020. But at the same time, 22 business land were sold in Beijing, with a flow rate of 22.2%.
Among them, in May 2021, the total transaction amount of the first batch of centralized land supply in Beijing reached 110.971 billion yuan, which can be called the most in the history of land auction in Beijing. However, the heat of the second and third batches of centralized land supply in October and December decreased significantly, with a turnover of 51.345 billion yuan and 27.683 billion yuan respectively.
It is worth noting that Beijing has made a variety of innovations in land transfer in 2021: the practice of “competing for high-standard residential construction scheme” appeared in the first batch of centralized land supply. When the on-site bidding reaches the predetermined upper limit, it will be transferred to the bidding procedure of high-standard commercial residential construction scheme; In the second batch of centralized land supply, the modes of “lottery” and “competitive existing house sales area” have been added; In the third batch of centralized land supply, there is a transfer mode of “phase land” (the development of Metro Depot covers the land by stages according to the subway construction sequence), which is divided into delivery areas within one year and delivery areas within two years.
The obvious change in Beijing’s three centralized land supply in 2021 is the attitude of land acquisition real estate enterprises: the first batch of centralized land supply real estate enterprises scramble for land, the second batch of centralized land supply private real estate enterprises basically lie flat, and the third batch of centralized land supply private real estate enterprises are still in a wait-and-see state due to capital problems
top 10 land acquisition amount of Beijing real estate enterprises in 2021
data source: Zhongzhi Research Institute
According to the statistics of China Index Research Institute, in 2021, Metro Land Corporation Ltd(600683) ranked first in the land acquisition list of Beijing real estate enterprises with RMB 17.5 billion. The first share price, excellence group, Poly Developments And Holdings Group Co.Ltd(600048) , China Resources Land and Gemdale Corporation(600383) ranked second to sixth respectively, and the land acquisition amount exceeded RMB 10 billion.
When it is cold, we need to keep warm together. In 2021, the land market in Beijing will change from hot to cold, and the trend of land acquisition by real estate enterprises is also significantly enhanced.
Judging from the land transactions on the website of Beijing Municipal Commission of planning and natural resources, most of them are taken by the consortium. For example, plot 1304-l03 in wangsiying Township, Chaoyang District was jointly acquired by “Beijing urban construction + China Merchants real estate + Minmetals Shengshi Guangye”, and the winner of plots dx05-0102-6101, 6102, yz00-0801-0015 and 0016 in Jiugong Town, Daxing District is “Beijing resident general manager + Beijing’s first joint venture”.
Even enterprises that take land in the form of separate companies have the shadow of other real estate enterprises behind them. For example, the winning company of plot B-1 south of Shucun shantytown, Haidian Town, Haidian District is “Beijing Rongmao Yisheng Real Estate Co., Ltd.” according to qixinbao, the major shareholder of the company is actually international trade holding (Hong Kong) Investment Co., Ltd., accounting for 51%, and rongchuang only accounts for 20%. The competing company of Shucun shantytown reconstruction B-1 North plot is “Beijing Shanchuang Qicheng Real Estate Co., Ltd.” qixinbao shows that Shaanxi Construction Engineering Group Corporation Limited(600248) holding and Shaanxi financial asset management appear in the list of shareholders of the company.
The Beijing Xiaoguan Haidian xingfuli project in 2021 is jointly developed by “China Resources + shoukai + Zhuzong + CCCC + beikejian”.
In 2021, Beijing real estate enterprises ranked first in terms of full caliber transaction amount. In addition to the cooperative development projects of Haidian Xingfu Li and Orson one, other projects such as Huayue international, Zhonghai shoukai shiguangli, xiyuechen, park zone 17 and so on also have other real estate enterprises. In recent years, shoukai has often cooperated with developers such as Vanke, CNOOC, poly, Longhu and China Resources, which can be called the representative enterprise of cooperative development mode in the current market.
It is worth mentioning that at the end of 2021, Beijing Fengtai, Daxing, Yizhuang, Changping and other regions successively held land promotion conferences in 2022 and disclosed the land supply plan for next year. Yihan think tank believes that with the opening of 2022, the gradual improvement of the external environment of real estate and the introduction of high-quality plots, the enthusiasm of real estate enterprises for land supply in Beijing is likely to increase.
